Turning Your Hobby Into A Business: Here’s How To Do It
Most people start businesses because they are passionate about the products and services they want to sell.
What you may not know is that lots of those budding entrepreneurs are turning an existing hobby into a business!
You’re likely reading this blog post today because you are passionate about one of your hobbies, and you’d like to share that passion with others by selling products and services that other people passionate about your hobby can use.
The thing is, you’re unsure of the best way to start a business inspired by your hobby. More to the point, you have some idea, but you don’t want your business to fail.
With the above in mind, here are some hints and tips to help you turn your hobby into a business the right way:
Research Your Business Model
The first thing you need to do is spend some time researching your business model. For example, will it be a home-based business you run with a spouse or relative, or are you considering setting up a franchised company?
Perhaps you’d like to start your new business alone, or maybe you’d like to have one or more partners on board? You need to consider your business model and how to form your startup before you can do anything else.
Get Some Qualifications
You might be passionate about your hobby and want to turn it into a business. But have you got the credentials to back up your expertise? If the answer is no, now is the time to get a few qualifications that will instil confidence in your potential customers.
If you want to be a gym instructor, for instance, it makes sense to obtain certification from somewhere like The Fitness Group. Or, if you want to build computers for a living, a relevant qualification from CompTIA like A+ or ITF+ is a good idea.
Decide If It’s A Full Or Part-Time Business
Will you run your new business alongside your regular day job, or are you planning to devote all your waking hours to launching, running, and growing your startup?
Believe it or not, it can be a tough question to answer for many people, and the reason is that most budding entrepreneurs would rather run their businesses full-time instead of working for someone else simultaneously.
You need to consider whether you can afford to run your new business full-time, or if it’s better to rely on income from your day job to pay your bills.
Check There’s A Market
Next, you need to know that you’re offering products and services for an established market rather than trying to create a market that doesn’t exist and hoping for the best.
It might seem like a strange point to make, but the sad truth is many people think of ideas that revolve around their hobbies and try to create markets for those ideas when there isn’t a need or notable demand for them.
Think Of Your Branding
If you’ve made it this far, then some congratulations are in order because it means you likely have a viable business concept! The next stage of creating a successful firm based on your hobby is to consider its branding.
You must think of branding that is instantly recognisable, makes sense to people that haven’t heard of your brand before, and isn’t a blatant copy of someone else’s branding!
If you have little to no branding experience, consider outsourcing that side of things to a marketing agency.
Consider How To Fund Your Business
While it’s possible to start a new business on a shoestring, the chances are high that you’ll need some capital investment to launch and grow your brand.
But, where will you get that money? Some people have cash saved up over the years and will use that to fund their new business, while others may need to ask a financial institution like a bank or an outside investment company for assistance.
Work Out Where You’ll Operate
As you can appreciate, launching and operating a business from home is cheaper than doing so elsewhere.
However, there will be times where it makes more sense to operate from commercial or industrial premises, such as if you’re setting up a shop or manufacturing facility.
Don’t assume you can run a business from home, as you may have complaints from your neighbours if it brings significant disruption to your street (excess vehicle parking from customers, lots of noise in the evening, etc.).
Come Up With A Clever Marketing Plan
Setting up a new business is one thing, but how will your target market know it exists? You need to spend some time and money marketing your products, services, and brand so people know you exist and that you offer something leagues ahead of your competitors.
Most people will begin with simple marketing campaigns involving online advertising on Google and social media, and may develop such campaigns to other online locations.
Research The Best Ways To Sell
Did you know that some people new to the business world fail to think about a simple yet fundamental question: how to sell their products and services?
You must spend some time researching the best ways to sell your wares. For example, is it easier and better to sell online, or does it make more sense to sell to your customers in person?
Have A Work-Life Balance
Lastly, you should ensure that you’ve got a good work-life balance when setting up a new business. Yes, entrepreneurs often spend lots of time organising, launching, and running their startups, and more often than not, it’s a necessary thing to do.
But, don’t launch a business and devote all your waking hours to it while sacrificing quality time with your family and friends!
Many people launch successful businesses based on their hobbies and passions in life. There’s no reason why you can’t do the same, as long as you keep the above points of consideration in mind.